Dubai-listed Tabreed names new CEO as 2018 profits hit $117m

Dubai Financial Market-listed (DFM) National Central Cooling Company, also referred to as Tabreed, has appointed Bader Saeed Al Lamaki as the new chief executive officer as its profit for 2018

Al Lamki will succeed the company’s first Emirati CEO, Jasim Husain Thabet, who took up the role in August 2012, according to a stock exchange missive by the firm.

After a decade-long career with Abu Dhabi-based Masdar as its executive director of clean energy, Al Lamki – who has previously also worked with Adma-Opco and French energy firm Total – will take up the new role at Tabreed starting 21 April, 2019.

Commenting on the appointment, Khaled Al Qubaisi, chairman of Tabreed, said: “[Al Lamki's] vast expertise makes him the ideal successor to steer the company during the next stage of its growth strategy and further drive its operating and financial performance.”

During his time at Masdar, Al Lamki was responsible for building the company’s renewable energy portfolio across 25 countries, in addition to mapping its growth activities including bidding, acquisition, and greenfield development.

Exiting CEO Thabet, who headed the firm for six years, led Tabreed’s 40% acquisition by French utility firm Engie in 2017.

He also channelled Tabreed’s signing of a 30-year concession contract for a 20,000 RT plant in India’s Amrawati, which marked the UAE company's debut outside the GCC.

Tabreed’s net profits jumped by 7.4% in 2018, reaching $117.4m (AED431.3m) from $109.4m (AED401.8m) in 2017. The company’s revenues for the year also rose by 3.4% to $393.9m (AED1.4bn) from $381m (AED1.4bn) in the previous year.